Effective November 6th, 2008 TD Canada Trust will no longer be offering the Open VRM as part of their product line up.
CitiFinancial has halted the origination of new mortgages through Canadian brokers. They have also exited the US mortgage market. Citi was best known among mortgage professionals for their 100% loan-to-value second mortgages. Citi will honour all commitments that close on or before December 3rd. Get your documents in quickly if you have a mortgage pending with them.
AGF Trust will be closing its Montreal office this week to consolidate operations with its Toronto office. AGF says the move is designed to streamline operations. They will also be making changes to their product offering that will restrict lending to select urban locations. AGF Trust is a balance sheet lender (i.e. it funds its mortgages itself versus securitizing them) and is based in Toronto. The company specializes in "near-prime" mortgages.
HSBC is closing its Markham, Ontario mortgage underwriting office effective December 31, 2008 and will be moving all mortgage underwriting operations for Canada to its Burnaby, BC office.
Merix has temporarily suspended their HELOC offering on new deals. Existing commitments will be honored.
[Source - Dominion Lending Centres - Head Office - Bulletin]
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